Debt worries, I want rid of my credit cards!

FBaby

If you are quite confident that your SOA is representatif of what you pay, maybe you should look at your debts. They seem to be all credit card or loans. Did you take them all for a very specific purpose (ie. paying for studies, a deposit etc...) or every day expenses? You say that you would buy clothes with your credit card, if that is the case, even if it is once every 6 months, especially if you then go for a big spend, then you need to facture this on your SOA. If it was for nice holidays, again, it needs to be budgeted for.

byjimini

woa, wrong thread. Whoops!

Fay_elizabeth

Nice holidays, I wish.

The credit cards were all about 2/3 empty when we moved to London, I guess over time we've just put little expenses on them that have built up (I had to pay rent a few times from them too) and now they are all maxed out.

I took out the wonga loan because all my credit card bills were due and I just didn't have the money to pay them (I get paid every 4 weeks so sometimes it works out a little awkwardly) I also paid off a £250 paydayUK loan with it because for some reason they frighten me and wonga don't so much and I paid my friend back £260 that I owed him. So the entire wonga went on paying off other debts.

I did a stupid thing and just thought 'Oh I'll worry about it later' now it is later and I am well and truly worried.

I am thinking about e-mailing wonga and telling them I've lost my job and asking for a payment plan. If I do this, will it mean all my credit card companies would be likely to lower my limits/ demand full payment?

I am really stressed over this and I don't know what is my best option.

As for my job at the baby shop, yes it sounds entirely like 'employed' work to me too, but what can I do about that? I'd quite like to keep my job.

[Deleted User]

bargainbetty wrote: »

You need money right now. Once you have your debts sorted, you can go back to it. But right now, you need money. I'd love to do something else in my work, something fulfilling, creative etc, but I have to pay the bills.

If you both took part-time paid work for six months and threw every penny at the debts, you might find you are in a position to clear the more expensive debts, get the others under control and go back to the illustrations, but right now, if you're not earning enough to meet your commitments, you need to rethink the priorities.

This obviously isn't what you want to hear, but part of the Light-Bulb Moment is recognising what you want versus what you need and sadly, that can involve dreams too. Right now, the possibility of income at some random point down the line has to get in line behind actual money for work done.

I wish you luck x

:cool: Well I took £ and that worked out worse! I could have earned more sticking to my career.

Fay_elizabeth

Guys, I may have just been thrown a lifeline. A friend of mine has offered to lend me £1300 interest free if I pay it back at £50 a month. I'm thinking of taking him up on his offer and paying off the wonga, the vanquis card and a bit off another card.

Does this sound sensible?

Snowy_Owl

Fay_elizabeth wrote: »

Thats mine and my partners mobile phone bill combined. We both have contract phones which are on 18 month contacts. We both use out phones a lot for work so I can't imagine we can really reduce the amount we spend on them.

If you're using you're mobile a lot for work, Is there anyway you could get a mobile phone from work. Some jobs have these included

Oh! justr read on through the posts!!!

19lottie82

Fay_elizabeth wrote: »

Guys, I may have just been thrown a lifeline. A friend of mine has offered to lend me £1300 interest free if I pay it back at £50 a month. I'm thinking of taking him up on his offer and paying off the wonga, the vanquis card and a bit off another card.

Does this sound sensible?

Of course, but it's only a short term solution.

For a long term answer, you need to find a way to up your income (and your OH's). From what you have described your debt has built up over time, covering day to day living expenses, so unless you find more cash on a regular basis, this cycle will just keep repeating it's self.

Good luck x

sticky23

Try putting your details into https://www.entitledto.com. When I put your rough details in, it tells me, that you should be getting almost £6000 a year housing benefit. Please also see

http://england.shelter.org.uk/get_advice/housing_benefit_and_local_housing_allowance/backdating_housing_benefit#3

It may be that you could claim for backdated housing benefit.

These benefits are for low waged workers, and I would say you're definitely one of them.

Fay_elizabeth

Thanks Sticky but we can't claim HB, have tried but we aren't entitled. I think its because I'm self employed.

sticky23

I think you need to look into that again. Self-employment doesn't make you in-eligible for housing benefit, so there must be another reason. Try putting in your details into the website above, or try posting on the benefits board.